Biocon surges 6 per cent on EIR from USFDA

Pharma company Biocon shot up by over 6 per cent in early trade on Monday as the company received the EIR from the USFDA. The EIR was received by the company in regard to the cGMP (current good manufacturing practice) inspection of the aseptic drug product facility.
 
The company’s aseptic facility was audited between May 25 and June 3 in 2017. The USFDA classified the outcome of the inspection as voluntary action indicated with the EIR stating that the inspection is closed, according to the company statement.
 
In the second quarter of FY17, the company reported a 53 per cent decline in its net profit to Rs. 68.8 crore on the back of lower off-take of APIs, disruption in production due to plant modification and tender delays.
 
The stock surged to an intraday high of Rs. 419.75 per share, higher by 6.4 per cent and an intraday low of Rs. 408 per share on BSE on Monday. The stock had hit its 52-week high of Rs. 424.15 per share on July 19, 2017 and its 52-week low of Rs. 278.79 per share on November 22, 2016, respectively. At 1258 hours IST, the stock was trading at Rs. 410.15 per share, higher by 4.01 per cent on BSE.